In DC, it's all the rage to talk about bipartisan efforts to get things done. Well, ending corporate welfare ought to be something on which both parties can agree. The public will support both parties, and we can cut the deficit by hundreds of billions if subsidies and tax loopholes are eliminated.
GE is just one big example of the problem. The problem is widespread and covers the oil and gas industry, PBS, farming, the media and many other areas of concern. The media will not report the full truth because they're planning on getting more subsidies as their business model fails.
The problem with eliminating the subsidies and looholes is that government has created these giveaways for so many recipients that the backlash would be severe, but just mainly from the powerful and connected interests that receive them. The public at large will benefit from not having to support these interests which should be able to stand on their own -- if they can't stand, then they have little value. The estimated $600 billion in savings takes into account the inevitable maintainance of some subsidies that go to those organizations which truly need help (but whether government is the best help-giver is a different question).
Tax loopholes can be eliminated through tax reform, but no one is seriously discussing true tax reform. I realize that reform efforts to limit government in a statist system are practically impossible, but seeing as how we're on the precipice of collapse, reform is about all we can expect as a miracle. It shouldn't be that difficult to do -- it's one area where even the Left can agree on cutting, or do they really need GE as a progressive partner?
Between cutting wasteful defense spending, ending the wars, and eliminating corporate welfare and tax breaks, we could lower tax rates and charge the economy, then grow our way back to help.